Durable Financial Power of Attorney
Do you need a durable financial power of attorney?
A Durable Financial Power Attorney allows your chosen agent to deal with assets during your incapacity (think stroke, heart attack, or serious car accident) or unavailability (such as being stranded in a foreign country). The person you appoint as your financial power of attorney is typically your “Agent” and has a couple of jobs. First, when you have a revocable living trust, your financial power of attorney Agent manages any assets that are not titled in the name of your trust, such as your retirement accounts, life insurance policies, vehicles, and perhaps real estate that was not deeded into the trust. Second, your Agent is also in charge of other daily life chores that you may not be able to complete yourself due to incapacity: they may have to dispute a bill, call one of your utility companies, or even open your mail. Due to the nature of duties required of your Agent, and the power they have, it is crucial that you choose a person or professional entity that is money-savvy and that you can trust completely. If you have a trust, the trustee of your revocable living trust is in charge of the day-to-day management of all your other assets should you become incapacitated.
Who Should You Choose as Your Durable Financial Power of Attorney?
The ideal person to choose as your durable financial power of attorney should meet the following criteria: